Paradise Co. sees revenue slide in November

Paradise Co., operator of the foreigner-only Paradise Casino in South Korea, saw its casino revenue dip slightly last month compared to November 2017. In a filing with the Korea Exchange yesterday, the company reported that its revenue fell 4.9%, settling at $373.2 million. For the same period last year, it had taken in $48.71 million.

Table revenue for the month dropped to around $42.5 million, a 6.7% decline from the $45.59 million it reported last year. The table revenue decline was shored up by a growth in machine revenue, which saw an increase of 21.9% over November 2017. Last year, machine revenue was $3.11 million, whereas this year it came in at $3.79 million.

Paradise Co. didn’t offer any reason for the drop; however, it isn’t consistent with the rest of the year’s performance. Through October 2018, the aggregate casino revenue increased 16.6% year-on-year, reaching around $523.36 million. Its third-quarter performance saw the biggest gain, with its net income increasing 266% over the same period last year.

In the first 11 months of the year, the company’s table revenue increased 16.7% – to $488.44 million – compared to the same period last year. Machine revenue also climbed, increasing by 15.7%, $35.17 million, year-on-year. Table drop, which describes the amount of cash that customers exchange for chips at the table, increased 13.5% to $4.74 billion.